Toronto Stock Exchange has announced that its new centralized mutual fund solution, TSX NAVex, has entered the client-testing phase.

Participating organizations of TSX can now connect to the TSX NAVex in a test environment. The full launch is scheduled for June 2016, subject to industry readiness.

Developed in collaboration with industry stakeholders and announced last fall, TSX NAVex is designed to bring transactional efficiencies, including trading, clearing and settlement services currently in place for stocks and ETFs, to the Canadian mutual fund industry, says a release. The TSX NAVex platform will facilitate purchases and redemptions of mutual funds through the equities infrastructure of the TSX.